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CSPAN
Dec 24, 2012 1:05am EST
% chance its program will be insolvent in less than 20 years. meanwhile, its total deficit continues to grow and now stands at $34.4 billion. maintaining the status quo is no longer possible. governing -- they will expire in two years, meaning congress has an important opportunity to study the system, assessed its strengths and weaknesses, and produce solutions to support workers without discouraging participation in the voluntary pension system. we need the fact as quickly as possible. unfortunately, the administration has a history of slowing the work of this committee. it took nearly nine months to get answers to questions submitted by members of the committee, both republican and democrat, after a hearing in february. only now are we able to complete the hearing record. i am also troubled by missing reports that were due last year. these provided important details on multi employer pensions, including the sufficiency of current premium levels and the impact of funding rules on small employers. the law requires the pbgc to finish these reports by the end of last year, and that we're
CSPAN
Dec 23, 2012 10:05pm EST
year will be $33.8 trillion. the deficit of about $1 trillion that is for fiscal 2013. that assumes that somehow the fiscal cliff doesn't happen and we don't reduce the deficit by $600 billion. national debt, about $16 billion , debt held by the public -- as a percentage it is getting up there. we've had it before. as we talked about two weeks ago it is not so much that the size of the debt it is how fast the debt is growing in comparison to the size of the economy. you don't want to pay off the debt but you want it to fall. host: how did we get to this point? why is the government spending so much and under this president, we've seen the debt go up $1 trillion each year over the last four years. where is it going? guest: there are two main ways to look at it. right now, we're still coming out of this economic crisis. so you have large debts for four years mainly because you have low revenues as people don't have jobs or they are getting paid less. then there has been extra spending programs over the last four years but also, we have this mandatory spending programs that grow on aut
Search Results 0 to 1 of about 2